Stocks rose for a second day on Wednesday as Wall Street grew more optimistic about the economy reopening. Shares of companies that benefit from the economic restart led the way.
The Dow Jones Industrials screamed higher 553.16 points, or 2.2%, to 25,548.27.
The S&P 500 climbed 44.36 points, or 1.5%, to 3,036.13.
The NASDAQ recovered 72.14 points to 9,412.36,
Bank stocks rose broadly. JPMorgan Chase was up 5.8% while Citigroup advanced 8.5%.
Stocks that benefited from people staying at home struggled on Wednesday as investors rotated out of those names. Zoom Video dropped 1.2%. Shopify gave up 2.3%,, Amazon let go of 0.6%, and Teladoc Health fell 1.1%.
On Wednesday, the Mortgage Bankers Association reported a sixth straight weekly rise in mortgage applications. Data released Tuesday showed new home sales in April topped estimates. Sales of new U.S. single-family homes increased by 623,000 last month, beating estimates of 490,000, according to Dow Jones.
Meanwhile, biotech company Novavax said Monday it started the first human study of its experimental coronavirus vaccine.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, said Wednesday the U.S. could avoid a second wave of coronavirus later this year.
Prices for the 10-Year Treasury sagged, raising yields to Tuesday’s 0.69%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.47 to $32.88 U.S. a barrel.
Gold prices docked $1.90 to $1,726.30 U.S. an ounce.